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COMMUNITYSOUTH BANK AND - fdic 2025

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The document is a Consent Order issued by the Federal Deposit Insurance Corporation (FDIC) regarding CommunitySouth Bank and Trust in Easley, South Carolina. It outlines various requirements for the bank to address unsafe or unsound banking practices related to asset quality, capital adequacy, earnings, management effectiveness, and liquidity. The order mandates increased board participation, qualified management retention, capital maintenance standards, loan loss allowance reviews, asset reduction plans, and restrictions on credit extensions. Additionally, it requires the bank to submit progress reports and adhere to specific financial management practices.

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Why are credit unions not under FDIC insurance?

Q: Why arent credit unions insured by the Federal Deposit Insurance Corp. (FDIC), like banks and thrifts? Credit unions are insured by a different federal agency, the National Credit Union Administration (NCUA). The insurance coverage the NCUA provides is practically the same as the FDIC.

Is my money safe in a community bank?

Your Moneys Security Is In Your Hands For example: Community banks offer more conservative money management, reducing the chances of insolvency. Community banks act as pillars of the community sharing similar values and offering stronger local relationships. The FDIC insures deposit accounts for up to $250,000 each.

Why arent credit unions FDIC insured?

Credit unions arent insured by the FDIC because they are insured by the NCUA. Insures checking, savings, and money market accounts, CDs and IRAs. Insures checking, savings, money market accounts, CDs, IRAs, money orders, cashiers checks and some prepaid cards.

Is all South FDIC insured?

Federally insured credit unions like AllSouth are covered by the National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration (NCUA), protecting assets of each account holder individually up to $250,000.

Are community banks insured by FDIC?

In fact, the FDIC covers banks, big and small. So, if youre looking for a safe place to put your money, a verified FDIC-insured community bank is a great option. Centier Bank is a community bank that is FDIC-insured. This means that your money is safeguarded in the communities they serve.

Is my money safe in a credit union if the economy crashes?

If youre trying to determine if the NCUA is as safe as the FDIC or whether there are differences in the FDIC and NCUA insurance limits, youre likely to find that youre equally well-coveredas long as your chosen financial institution has either FDIC or NCUA insurance.

COMMUNITYSOUTH BANK AND - fdic 2025

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